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2 January, 2020 (Argus) — The total volume of oil products held independently in storage in the Amsterdam-Rotterdam-Antwerp (ARA) area rose by around 6pc on the week to reach 11-week highs, according to the latest data from consultancy Insights Global.

Inventory levels of all products except jet kerosine rose on the week. The highest rise in outright terms was in gasoline inventories, which rose by 13pc on the week to 1.12mn t, the highest since mid-August. Export interest remained low amid poor arbitrage economics to the US, where inventories have risen for seven consecutive weeks and are at nine-month highs. Tankers departed for the Mideast Gulf, the Caribbean, the Mediterranean, Mexico and west Africa. But incoming cargoes of finished grade gasoline and components from France, Russia, Spain and the UK more than offset the outgoing volume.

Naphtha inventories rose by more than any other surveyed product in percentage terms, increasing by 14.7pc on the week to 289,000t. The total is the highest recorded since March 2019. No tankers departed the area carrying naphtha cargoes, and barge traffic on the river Rhine was subdued owing to a seasonal slowdown in Germany. Naphtha flows into the European hinterland are likely to rise in the coming weeks on firm demand from petrochemical end-users.

Gasoil stocks rose by 3.5pc to reach eight-week highs of 2.49mn t. Cargoes arrived from Russia and the Baltics, and departed for France and the UK. Gasoil barge traffic around the ARA area and along the river Rhine fell by around 50pc on the week, weighed down by a lack of market activity in Germany but also by relatively mild temperatures that reduced seasonal demand for heating oil.

Fuel oil stocks in the ARA hub rose by 9.1pc on the week to reach around 1mn t. Rising production of 0.5pc sulphur fuel oil ahead of the IMO 2020 global marine sulphur cap deadline on 1 January probably prompted the stockbuild. Tankers arrived from Denmark, France, Poland, Russia and the UK, and departed for the Mediterranean and west Africa.

Jet kerosine inventories fell by 3.5pc on the week to reach their lowest since 10 January 2019. The drop in stocks was prompted by high demand in northwest Europe, in line with seasonal expectations. Tankers departed for the UK, and a part-cargo arrived from India.

By Thomas Warner

27 December, 2019 (Argus) — The total volume of oil products held independently in storage in the Amsterdam-Rotterdam-Antwerp (ARA) area rose by around 6pc on the week, according to consultancy Insights Global.

Inventory levels of all products except jet kerosine rose on the week. The highest rise was seen in gasoline inventories, which rose by 23.3pc on the week to 994,000t, the highest since mid-October. Export interest remained low amid poor arbitrage economics to the US and west Africa, as well as the seasonal gasoline demand lull. Tankers arrived from the Baltic, France, Spain, and the UK, and departed for Brazil, the Mediterranean, and Saudi Arabia.

The next highest stockbuild was observed in naphtha inventories, which rose by 21.2pc on the week to 252,000t, amid low demand from petrochemical end-users in the ARA area and along the river Rhine. Most naphtha demand in the area is therefore more likely to be coming from gasoline blenders. Naphtha barge flows into the northwest European hinterland rose in early December in anticipation of a seasonal slowdown in trading activity, which depressed trading volumes during the week to yesterday. Tankers arrived in the ARA from Algeria, Denmark, Portugal and Russia.

Gasoil stocks were built by 1.1pc to 2.4mn t between 19 and 27 December and remain very close to their average of 2.42mn t over the preceding seven weeks. Cargoes arrived from India and the US, while several departed for France as the country’s refineries continued to be severely disrupted. Shipments of US diesel to Europe have been relatively sparse over the past few months, but arbitrage economics on the route are now improving.

Fuel oil stocks in the ARA hub rose by 6.7pc on the week to reach 923,000t, beginning to recover from a big 15pc draw in the previous week. Rising production of 0.5pc sulphur fuel oil ahead of the IMO 2020 global marine sulphur cap deadline on 1 January was probably the reason for the stockbuild, while economics for European high-sulphur fuel oil’s regular outlet in Singapore have been made unviable in recent months, which could be resulting in more product remaining in tanks. Fresh high-sulphur fuel oil imports from Russia drove stocks higher amid weak export demand, while tankers also arrived carrying fuel oil from the UK and Sweden.

Jet kerosine inventories fell by 3.8pc on the week to reach their lowest since the week 10 January. The drop in stocks was prompted by high demand in northwest Europe, in line with seasonal expectations. Tankers departed for the UK and Ireland, while no tankers were seen to have arrived into the area over the last week.

22 August, 2019 (Argus) — Inventories of oil products independently held in Amsterdam-Rotterdam-Antwerp (ARA) fell below, the lowest since the week to 31 May.

Gasoil inventories fell with barge flows up the river Rhine increasing for the third consecutive week. Lower barge freight rates have encouraged loadings on the river. A tanker departed for northern Germany.

Gasoline inventories fell on the week to reach their lowest since the week to 31 May. The week-on-week drop was the heaviest recorded since March 2017, because of a temporary rise in exports to the US Atlantic coast and higher demand from Germany. Buying interest from the country rose week on week as a result of production issues at the Miro refinery.

Naphtha inventories dropped to reach their lowest level since May 2016. Scheduled maintenance at petrochemical facilities in northwest Europe continues to weigh on demand, pressuring prices downward and reducing the number of cargoes arriving in the area. Meanwhile, local demand for the grades used in gasoline blending has increased.

Fuel oil inventories rose on the week, after falling the previous week. No tankers departed for Singapore, but two very large crude carriers (VLCCs) remain in the Rotterdam area, and could potentially load cargoes.

Jet fuel stocks in ARA fell to reach their lowest since 21 March. Demand from the aviation sector remained firm in line with seasonal expectations.

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16 August, 2019 (Argus) – Inventories of all surveyed products fell week on week, with the exception of gasoline stocks which reached fresh six-month highs. Gasoline inventories rose on the week to their highest since 7 February as market participants arranged cargoes ready for export to the US and West Africa. Barge congestion remained a factor in the Amsterdam area for the second consecutive week with barges and tankers competing for loading and discharge terminals. Outflows to the US and West Africa rose week on week and tankers also departed for west Africa. Tankers arrived in ARA from France, Germany, Sweden and the UK.

Naphtha inventories fell following a week-on-week fall in imports. Demand from along the river Rhine fell owing to upcoming petrochemical plant maintenance in Germany. Interest from gasoline blenders was more robust and most of the incoming naphtha was probably destined for the northwest European blending pool. Tankers arrived from Algeria, Norway, Russia and the UK.

Gasoil inventories fell with inland demand for diesel prompting the second consecutive week-on-week rise in barge flows up the river Rhine. The volume of incoming gasoil rose on the week and tankers arrived from Russia and the US. But more gasoil also left the area, with tankers departing for France, the Mediterranean and the UK.

Fuel oil inventories fell by on the week. The Suezmax Militos departed Rotterdam for Singapore and tankers also departed for west Africa. Demand for high sulphur fuel oil is under long-term downward pressure from upcoming changes to maritime fuel regulations. Tankers arrived from the Black Sea, Latvia, Poland and Russia.

Jet fuel stocks in ARA fell by to reach their lowest since 11 April. Demand from the aviation sector was firm in line with seasonal expectations, and no jet fuel tankers arrived from elsewhere. An anticipated turnaround at South African firm’s 105,000 b/d Engen refinery has prompted the diversion of two jet fuel tankers to the area that were originally expected to discharge in northwest Europe. Tankers departed the ARA area for Ireland and the UK.

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8 August, 2019 (Argus) — Inventories of oil products independently held in the Amsterdam-Rotterdam-Antwerp (ARA) storage hub have fallen in the past week..

Stocks of most surveyed products fell slightly week-on-week, with the exception of naphtha and gasoline, which rose to four-week and six-month highs respectively. Gasoline inventories reached their highest weekly level since early February, driven by market participants collating cargoes ready for export to the US and west Africa. Congestion returned to the Amsterdam area after a temporary lull, with barges and tankers competing for loading and discharge terminals. Blending demand for west African grade gasoline has firmed following last month’s direct sale-direct purchase (DSDP) award by Nigerian state-owned NNPC for its 2019-20 gasoline requirements. Blending demand for US-grade gasoline also remains robust, as European cargoes continue to make up the shortfall arising from a fire at Philadelphia Energy Solutions’ refinery in Philadelphia in June. Gasoline cargoes have arrived in the ARA area from Finland, the Baltics, France, Italy, Russia and the UK in the past week.

Naphtha inventories rose by substantially on the week to reach their highest level since the week to 11 July. Rising supply in northwest Europe pushed the naphtha market briefly into contango today, with prompt prices weaker than contracts for delivery further forward. Tankers carrying naphtha arrived in the ARA area from Algeria, France, Norway, Poland and Sweden in the past week, while none departed. Demand from gasoline blenders working to meet export demand appeared stronger than demand from petrochemical customers, many of whom are preparing for scheduled maintenance turnarounds.

Gasoil inventories fell in the past week, with rising water levels supporting demand from buyers along the Rhine in Germany. Gasoil barge trade within the ARA area was slow, particularly in comparison with gasoline. Gasoil cargoes arrived in ARA from Russia and Saudi Arabia and departed for France and the UK.

Fuel oil inventories fell on the week. The very large crude carrier (VLCC) Ridgebury Pride had been scheduled to load 270,000t from Rotterdam around 3 August for delivery to Singapore, but remains at anchor in the North Sea unladen. Fuel oil tankers arrived in the ARA area from Poland and Russia and departed for west Africa. Demand for high-sulphur fuel oil is under long-term downward pressure from upcoming changes to maritime fuel regulations.

Jet fuel stocks in the ARA hub fell to reach nine-week lows. Demand from the aviation sector was firm, in line with seasonal expectations, and no jet fuel tankers arrived from elsewhere.